Markets Are Quiet - Holiday Season Showed Slight Increase in Sales

The U.S. markets have been generally quiet between Christmas and New Year’s as investors took end of year vacations. The only economic report today is November’s Pending Home Sales data where it is expected that sales rose by 1.5%. The housing sector has had a good year as home prices have risen by double digits year-over-year, while the foreclosure rate continues to decline.

Consumers took advantage of deep discounts during the holiday season, marking the best holiday sales growth in three years, as reported by a SpendingPulse report from MasterCard Advisors. Sales rose by 2.3% between November 1 and December 24. The big ticket items were jewelry and children’s clothing, with less spending on electronics and luxury items.

The minimum wage is expected to increase in 13 states across the nation with 11 states and Washington, D.C. expected to also consider raising the wage. The National Employment Law Project said approval is likely in more than half of the 11. Currently, 19 states have minimum wages set higher than the federal level of $7.25 per hour. Once the changes take effect on Jan. 1, the number rises to 21.